Nov 30, 2017 • 14:42
In this cloud mining bank wire review, we investigate available platforms that accept bank wire transfers. We also analyze fees, the speed of transaction, security issues, and privacy features provided by exchanges where you can use a bank account to get BTC. We also provide a step-by-step guidance on how to buy contracts using bank transfers at Hashing24. If you are interested of buying cloud mining with other payment methods, see Buy Cloud Mining PayPal or Cloud Mining Credit Card.
If we are talking about the most popular method of purchase, one might say that credit cards come in the first place. Bank wires, however, are a close second, but in terms of crypto exchange platforms, it definitely beats the competition. On the other hand, rare are cloud mining companies that indulge in this option due to its slowness.
Bank transfers can take between two to even 7 business days to complete. Banks take security and AML policies quite seriously. Due to various checks from multiple participants in the transfer, account transfers take a long time to complete. On the other hand, bank transfers are the cheapest option out there in the industry. In some cases, it is completely free to deposit funds using wires.
As mentioned before, most cloud mining providers do not accept bank wires as methods of payment. Only Hashing24 does, alongside with credit cards. Others use either cryptocurrencies only or bank cards. Thus, we made a review on several exchanges form which you can get coins through bank wires. In this article, you will read about Coinbase, CEX.IO, and Bitstamp.
Coinbase is one of the largest USD to BTC trade centers in the world, even though it has limited service globally. Only 32 countries are supported, with new ones not added for some time now. Apart from credit cards, you can also purchase cryptos using bank transfer.
The method is free to use when purchasing bitcoins since deposits made through SEPA and Wire transfers do not carry costs. ACH and American bank payments have 1.49% fees and verification of your identity is a must.
At Coinbase, you can get bitcoins, Ethereum, Bitcoin Cash and Litecoin for your cloud mining operations. Withdrawing cryptos to external wallet accompanies only miner fees, which change on day-to-day basis.
Whereas Coinbase is limited in countries it supports, CEX.IO is a different story. The platform is available from almost anyone around the globe through credit cards and bank wire transfers. Moreover, it supports USD, EUR, GBP and RUB payments, providing more verity in terms of fiats.
Privacy is low since you need to provide scanned ID and utility bill. Wire transfers work for all currencies with the exception of RUB and are free of charge. CEX.IO also offers a greater number of cryptos than Coinbase and Bitstamp, as shown in the picture below.
Bitstamp is a UK-based online exchange where you can get several cryptocurrencies using USD and EUR. Coins that are available for you on this platform are bitcoin, Ripple, Litecoin, Ethereum and Bitcoin Cash. The bank transfer is available for both fiats, either through SEPA if you are using Euros or international wire transfer for USD.
You have to complete verification process should you wish to fund your trade operations with EUR or USD. International wire transfers carry a fee of 0.09% with the minimum being $15. SEPA transfers are free of charge.
At this point, only Hashing24 offers the service of wire transfer when buying their contracts. Others use either credit cards or cryptocurrencies when purchasing hash power. Withdrawals are not possible when your bank account is in question but you can sell coins in any of the above-mentioned exchanges.
You do need to pass through KYC and AML process by verifying your identity with scanned ID if you plan to make a large purchase. This step can last up to an hour or a day, depending on the traffic and only in case you are asked directly by the customer support.
Unlike credit cards, bank wire transfers do not carry any additional costs apart from what you pay for hash power. Both USD and EUR currencies are available for wires.
To start, register your account and then verify your email address. Since you are planning to use your bank account, it would be adequate to protect your account by adding two-factor authentication (2FA) as a measure of safety. You access your security settings by clicking “My Account” and then “Security” as seen below.
Next in line is the purchase itself. Click “New Contract” and specify the amount of hash power you want and the fiat currency you wish to use to buy hash. Once ready, click “Buy” to proceed.
You will be redirected to the purchase page, where you review your order once again. Click “Next Step” as to proceed toward payment methods window.
Choose “Bank Transfer” and check the trade agreement before proceeding towards next step.
IIn the last page, you will get the information regarding the Hashing24’s bank account details that you should use when transferring money. Head over to your bank or use online banking service to make payment. Once you have made the said purchase, keep the receipt that you have received and scan it. You need to upload the picture as a proof of payment in order to get hash power.
As soon as the relevant figure form sales team checks your document, your contract will start automatically. It usually takes up to 24 hours for someone to check your payment status.
In this cloud mining bank wire article, we went over the method’s ability to turn hash power into a profitable business. The option is not popular with cloud mining providers but the abundance of exchanges accepts the payment channel. Thus, it is possible to buy cryptocurrencies first using bank account and then use them to buy cloud mining contracts.
Credit cards are popular but also come with a lot higher fees, as wire transfers are conducted for free in most cases.